THE GREAT DEPRESSION 1929 1940
PRESIDENT HERBERT HOOVER AND THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to prevent “runs” on the banks
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to consolidate the assets fo several banks
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to reduce the number of banks in operation
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to allow the banks to receive money from the federal government
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Detailed explanation-1: -Many people were withdrawing their money from banks and keeping it at home. In response, the new president called a special session of Congress the day after the inauguration and declared a four-day banking holiday that shut down the banking system, including the Federal Reserve.
Detailed explanation-2: -Following his inauguration on March 4, 1933, President Franklin Roosevelt set out to rebuild confidence in the nation’s banking system and to stabilize America’s banking system. On March 6, he declared a four-day national banking holiday that kept all banks shut until Congress could act.
Detailed explanation-3: -After a month-long run on American banks, Franklin Delano Roosevelt proclaimed a Bank Holiday, beginning March 6, 1933, that shut down the banking system.
Detailed explanation-4: -Roosevelt began with a decisive act. Declaring a “bank holiday, ” he temporarily closed all the nation’s banks. Then he called Congress into special session to pass emergency banking legislation. Treasury officials feverishly began work on the Emergency Banking Act.